Mr. George Witherspoon of Baytree Funding, LLC contracted with us to provide mortgage financing for five refinance loans and three acquisitions in April. We signed contracts in May that were signed by David G. McCary, Regional Vice President of Baytree. Pursuant to our contractual agreement, $105,000 were wire-transferred to Baytree ($80,000 for third party reports and $25,000 for loan processing fees). After 120 days, the MAI appraisals, Phase I Environmental Reports, Property Condition Reports and ALTA Surveys have not been paid for by Baytree Funding. Baytree completed underwriting and stated the loans were approved but failed to close as contracted to perform. We have been repeatedly misinformed and promised by Baytree that the payments have been sent to the third parties. Baytree furthered the fraud by telling us the check numbers for payments and the Fed Ex tracking numbers for the delivery. The Fed Ex tracking numbers were assigned, but the packages were never delivered or allowed to be picked-up by Fed EX. These people are con-artist that promote a scam on those seeking financing.
On the Baytree Funding website, there is a link to the Better Business Bureau. Accessing this link and reading the registration posted by Baytree (an ACCREDITED BUSINESS) indicates that David McCary is the managing partner while George Witherspoon and Edward Freischneiber are partners. The BBB has been contacted and a complaint filed. We have not received any response whatsoever from the BBB.
The lack of payment of the third party reports to C.B. Richard Ellis (appraisals firm) and Property Solutions, Inc. (Phase I Environmental Reports and Property Condition Reports) and the ALTA Survey firms has prevented us from having these reports reassigned to a different lender. We are now attempting to fund the payments for a second time to allow for the loans to proceed. We plan to present the file to the U.S. Attorney for fraud prosecution.
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